Revlon has reportedly signed a 15-year lease for the top two floors at Brookfield Office Properties’ 1 New York Plaza in a relocation from 237 Park Avenue, joining a flight of value-seeking firms to recently head Downtown.
The 91,194-square-foot lease covers floors 49 and 50, the latter of which is a glass box-style penthouse with 15-foot ceilings, according to the New York Post, which first reported the deal earlier this week and noted that former occupant Goldman Sachs removed columns from the space to accommodate their trading floor. Read More
The New York City investment sales market is on fire this year, with the first two months of 2014 trouncing the first quarter of last year in dollar volume, according to a new report from Massey Knakal Realty Services provided to Commercial Observer. The sales volume hit $6.7 billion in January and February, up $3 billion from the first three months of 2013. Read More
Mt. Sinai Hospital has inked a deal to open a dialysis center in East Harlem.
The community-oriented dialysis center will take 14,500 square feet on the fourth floor of 520 East 117th Street, more commonly known as the East River Plaza. The center will offer direct access from the parking garage and from internal vertical transportation. Read More
Beachcombers will likely have their fenced-off hangout back before summer, minus the shards of metal and concrete. Read More
The nonprofit and public sectors finished 2013 with a bang when it came to leasing in New York City.
The two sectors leased more than 5.7 million square feet in 2013, a 36 percent increase from 2012, and more than double the space leased in 2011, according to Cassidy Turley‘s 2013 nonprofit and public sectors leasing activity report released exclusively to Commercial Observer. Read More
Four Seasons Packaging, a wholesale packaging distributor, has signed a lease for 25,000 square feet in Ridgewood, Queens.
The one-story building, at 70 Onderdonk Avenue off Scholes Street, is located just off the Metropolitan Avenue thoroughfare. It is 63,937 square feet and has other entrances on Scott Avenue and Scholes Street, according to the New York Times. Read More
Planet Fitness New York has chosen East Harlem as the location for its next New York City.
The fitness gym that has its eyes set on expansion into the New York market will take 14,500 square feet at the East River Plaza at 520 East 117th Street. Read More
The ongoing transformation of 20 Exchange Place from office to luxury rental apartments is only the latest change for the ever-morphing neighborhoods of lower Manhattan. Since the mid-’90s, development companies like Rose Associates and DTH Capital have been heavily investing in the area, often turning former office buildings, like the Art Deco skyscraper at 70 Pine Street, into residential or hospitality.
Rose Associates and DTH Capital borrowed $300 million to convert 70 Pine Street to a 700-unit residential building, and construction is currently underway there. Three banks loaned on the financing—the Bank of New York, M&T Bank and J.P. Morgan Chase. Read More
Book publisher Scholastic has purchased 555 Broadway in Soho for $255 million, according to city records. The seller was an entity controlled by the Ise America Inc., a division of Japanese egg processing company Ise Corp.
The property is adjacent to Scholastic’s headquarters at 557 Broadway and the two buildings are attached internally. Scholastic has office and retail space in both buildings, a Scholastic spokeswoman said. Read More
The National Association of Insurance Commissioners will relocate its Capital Markets and Investment Analysis Office to 1 New York Plaza from 48 Wall Street, Commercial Observer has learned.
The regulatory organization has signed a 13-year lease for a 19,218-square-foot portion of the 42nd floor of the Brookfield Office Properties’ building and will pay rent starting in the low-$40s per square foot, according to data from CompStak. Read More
Following the completion of a $140 million redevelopment, the Times Square hotel formerly known as the Milford Plaza (and later The Milford) has reopened as Row NYC, the hotel announced.
Highgate Hotels and Rockpoint Group‘s two-year renovation project included adding to the lobby Iconic M, a satellite location of the cult international news retailer Soho News, as well as a state-of-the-art Internet lounge. Read More
Benefit Street Partners, an arm of the private equity firm Providence Equity Partners, has reportedly signed an 18,345-square-foot lease at Sheldon Solow’s 9 West 57th Street for a whopping $200 per square foot.
The lease covers a portion of the 50-floor Solow Building’s 49th floor, according to published reports. Read More
Speculation has continued to build that Blackstone Group’s 43-year-old global head of real estate, Jonathan Gray, may well take over for the private equity firm’s CEO Stephen Schwarzman or President and Chief Operating Officer Hamilton “Tony” James should either retire in the near future. Mortgage Observer looks back on some rare quotes the media-shy billionaire has provided to the media—most of them in mid-2013. Read More
Cushman & Wakefield has reportedly hired former New York City Police Commissioner Raymond Kelly to head a new anti-terrorism and crime division.
The “risk management services” division will advise commercial real-estate clients on how to protect their buildings and data from threats. Read More
Law firm Emery Celli Brinckerhoff & Abady is moving to bigger digs at Rockefeller Center, Commercial Observer has learned.
The firm, which has an active commercial and real estate litigation practice, is expanding its office space by more than 4,000 square feet to 16,163 square feet comprising the entire 10th floor at 600 Fifth Avenue near 48th Street. Read More